By: Todd Feldman
Founder & President
earn gamble an average of $4 million in personal compensation yearly.
It’s widely reported that digital transformation / strategic planning projects fail at a rate of 70-90% of the time, and since it takes at least two years to put a plan into action, those are incredibly bad odds to wait to find out.
Uncovering – and addressing -all of the ways that plans are undermined up front needs to be prioritized.
At the heart of the pandemic in June 2020, Harvard Business Review published an article entitled “6 Reasons Your Strategy Isn’t Working.” The root of all six reasons all track back to gaps in CEO leadership behavior.
The six reasons are as follows:
Unclear values and conflicting priorities
An ineffective senior team
Ineffective leadership styles
Inadequate leadership development
Inadequate vertical communication
The unrelenting trifecta
Although McKinsey says (Figure 1) there are six elements and 18 practices that make up the role of a CEO, Rocket Factory analysis has pegged three common themes that drive the greatest pressure:
Boards want greater collaboration along with results despite consistent economic headwinds.
Employees demand through words and deeds to have a greater purpose in their work.
Customers have higher expectations of the way they want to transact.
Changing the way planning is thought of and the way it is executed is in dire need of change. The very livelihoods of the people leaders serve are at stake.
Beyond the challenges stated above the biggest opportunity falls directly to the behavioral make-up of leaders and how decisions are made.